Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown significant growth in its main business, with a notable increase in revenue and net profit in the first half of 2025, indicating a turning point in its operations [5] - The company is expected to achieve substantial revenue growth in the coming years, driven by its innovative business layout and expansion in various segments [5] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved revenue of 677 million yuan, a year-on-year increase of 11.42%, and a net profit attributable to shareholders of 49 million yuan, up 158.97% [5] - The second quarter of 2025 saw revenue of 401 million yuan, a year-on-year growth of 16.15%, and a net profit of 28 million yuan, reflecting a significant increase of 468.03% [5] - The gross margin for the first half of 2025 was 32.45%, an increase of 2.94 percentage points, while the net margin was 7.84%, up 4.34 percentage points [5] Business Segments - The formulation segment reported revenue of 262 million yuan in the first half of 2025, a year-on-year increase of 111.03%, driven by the successful commercialization of its projects [5] - The active pharmaceutical ingredient (API) business is stabilizing, with new product registrations ongoing, and the company has established solid supply relationships with major pharmaceutical firms [5] - The CDMO (Contract Development and Manufacturing Organization) segment is expanding, with ongoing collaborations with major clients and new project developments [5] Future Outlook - Revenue projections for 2025-2027 are 1.603 billion, 1.982 billion, and 2.389 billion yuan, with year-on-year growth rates of 16.77%, 23.69%, and 20.49% respectively [5] - The net profit attributable to shareholders is expected to reach 129 million, 164 million, and 208 million yuan for the same period, with growth rates of 92.98%, 27.16%, and 27.04% respectively [5] - The company's stock is currently trading at a price-to-earnings ratio (P/E) of 23, 18, and 14 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation given the expected growth [5]